SITXWHS003 Assessment 2 -

i need the answer quickly

Match each of the following control activities with its definition. Control Activities Definitions 1. Separation of duties 2. Physical controls 3. Proper authorization 4. Employee management 5. Reconciliations 6. Performance reviews a. The company should maintain security over assets and accounting records.b. Management should periodically determine whether the amounts of physical assets of the company match the accounting records.c. The company should provide employees with appropriate guidance to ensure they have the knowledge necessary to carry out their job duties.d. The actual performance of individuals or processes should be checked against their expected performance.e. Authorizing transactions, recording transactions, and maintaining control of the related assets should be separated among employees.f. To prevent improper use of the company’s resources, only certain employees are allowed to carry out certain business activities.

Match the following elements of internal control:   Question 4 options:   information and communication   control environment   risk assessment   monitoring   control procedures   1. provides reasonable assurance that business goals will be achieved 2. used by management for guiding operations and ensuring compliance with requirements 3. overall attitude of management and employees 4. used to locate weaknesses and improve controls 5. identify, analyze and assess likeliness of vulnerabilities

ning Objective 1 S8-1 Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the busi- ness to survive? Give your reason.

Select the appropriate control activities for each of the following definitions. Definitions Control Activities a. The company should maintain security over assets and accounting records. Management should periodically determine whether the amounts of physical b. assets of the company match the accounting records. The company should provide employees with appropriate guidance to ensure C. they have the knowledge necessary to carry out their job duties. The actual performance of individuals or processes should be checked against d. their expected performance. Authorizing transactions, recording transactions, and maintaining control of the е. related assets should be separated among employees. To prevent improper use of the company's resources, only certain employees are allowed to carry out certain business activities.

_____ management exists to provide advice and assistance to those responsible for attaining the objectives of the organization. A. Staff B. Risk C. Functional D. Line

Urgent

Question 7 Which of the following activities in not an element of a CPA firm's quality control system to be considered in establishing quality-control policies and procedures? 1. Selecting personnel for advancement who have the necessary qualifications. 2. Deciding whether to accept or continue a client relationship. 3. Assessing a client's ability to establish effective internal controls. 4. Monitoring the effectiveness of professional development activities. 2 O 1 O 3

Audit procedures designed to evaluate the operating effectiveness of controls to prevent, detect, or correct material misstatements are known as organizational structure. O control testing. O commitment to competence. O management's philosophy and operating style.

Identify each of the following as relating to (a) the control environment, (b) control procedures, or(c) information and communication.- management’s philosophy and operating cycle ________- report of company’s conformity with environmental laws and regulations ______- separating related operations______

Written Policies and Procedures as a part of internal control system serves all of the following objectives, except a. Provide a source of continuity and a basis for uniformity. b. Serve as reference material for future c. Helps discrepancies to be resolved immediately d. Provide a training tool for new employees

The performance appraisal method in which a supervisor keeps a record of both positive and negative ways in which the employee has performed is referred to as the critical-incident appraisal method. True False

A company implements internal controls to improve the chances that employee will function according to the plans and standard operating procedures developed by the management team. Select one: True False

savita

a

Match the items with the related statements that follow.

15 Assume, Mr X is appointed as an auditor in XYZ Company. He intends to determine how well the individuals are trained for their jobs. From the following options choose the evaluation tool which may support the auditor to evaluate the job responsibilities of the employees.  a. Test Control  b. Observe process  c. None of the options  d. Interview Management  Clear my choice

Question 9 To test the reasonableness of the turnaround time of the applicable business process review, what tool can be used by the internal auditor? Group of answer choices Forcefield analysis Control sheets Check sheets Time and motion study

QUESTION 2 (a). ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment requires auditors to obtain an understanding of control activities relevant to the audit. Control activities are the policies and procedures which help ensure that management directives are carried out. Required: Describe FOUR different types of control activities and, for each type, provide an example of control a company may implement. (b) Diamond Medical Company manufactures nose mask and hand sanitizer. Its main customers are retailers who then sell to the general public. The company’s manufacturing is spread across five sites and goods are stored in its nine warehouses located across the country. You are an audit supervisor of Reynolds & Associate and in preparation for the forthcoming audit for the year ending 30 June 2019, you are reviewing the following notes your audit manager has provided you with in relation to the company’s internal…

STATEMENT I:  Management Review is the process of assessing the quality of Internal Control performance periodically.  In this activity, the management can assess the design and operation of controls on a timely basis and can take necessary corrective actions. STATEMENT II.  There is a direct relationship between control objectives and components.  Statement I only is Correct Both Statements I and II are IN CORRECT Statement II only is Correct Both Statements I and II are CORRECT

Using the following table as a guide, describe for each function   A risk (an event or action that will cause the organization to fail to meet its goals/objectives).   A control/process or use of technology that will address the risk.   Function   Risks   Controls and Technology   Logistics           Purchasing   Receiving   Inventory (Debit ??? (Credit) SP 12-3 The following is a list of six control plans from this chapter or from Chapters 9, 10, and 11. This is followed be a list of five statements describing either the achievement of a control goal (i.e., a system success) or a system deficiency (i.e., a system failure). Match the five control goals or systems deficiencies with a control plan that would best achieve the desired goal or prevent the system deficiency. Each letter may be used only once, with one letter left over.   Control Plans   File completed and signed receiving report in receiving:   Select vendors who can provide goods with appropriate quality   Approve purchase…